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SCM-453 04A/B - Managing Inventory in the Supply Chain

Featuring Zach Zacharius

Length: 2 hours

Module 4 - Managing Inventory In The Supply Chain

  • Appreciate the role and importance of inventory in the economy.
  • List the major reasons for carrying inventory.
  • Discuss the major types of inventory, their costs, and their relationships to inventory decisions.
  • Understand the fundamental differences among approaches to managing inventory.
  • Describe the rationale and logic behind the economic order quantity (EOQ) approach to inventory decision-making, and be able to solve some problems of a simple nature.
  • Understand alternative approaches to managing inventory; just-in-time (JIT), materials requirement planning (MRP), distribution requirements planning (DRP), and vendor-managed inventory (VMI).
  • Explain how inventory items can be classified.
  • Know how inventory will vary as the number of stocking points changes.
  • Make needed adjustments to the basic EOQ approach to respond to several special types of applications.